New Delhi [India], June 2 (ANI): President Ram Nath Kovind on Thursday directed the Ladakh Lieutenant Governor RK Mathur to exercise the powers and discharge the functions of the appropriate government under the Banning of Unregulated Deposit Schemes Act, 2019 in the Union Territory to curb Ponzi schemes, unregulated deposits.
The move was made public through a notification issued on Thursday by the Ministry of Home Affairs (MHA) in the Gazette of India.
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“In pursuance of clause (1) of article 239 of the Constitution, the President hereby directs that the Lieutenant Governor of the Union Territory of Ladakh shall, subject to the control of the President and until further orders, exercise the powers and discharge the functions of the appropriate Government under the Banning of Unregulated Deposit Schemes Act, 2019 (21 of 2019) within the said Union territory,” reads the notification.
The Banning of Unregulated Deposit Schemes Act, 2019 was notified on February 21, 2019, for providing a comprehensive mechanism to ban unregulated deposit schemes, other than deposits taken in the ordinary course of business, and to protect the interest of depositors. The Bill was introduced in 2015 as the Banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill.
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